Which of the following accounts is used only at the close of the accounting period to adjust the merchandise inventory account and summarize the temporary owner's equity accounts?
a. Owner's Capital
b. Income Summary
c. Cost of Goods Sold
d. Sales
b
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The firm's normal gross profit as a percentage of net sales is used to estimate the cost of goods sold and the ending inventory under the gross profit method
Indicate whether the statement is true or false
What is a benefit of a demonstration ad for a product, and when is this type of execution format most useful?
What will be an ideal response?
A polycentric staffing policy
A. results in the company hiring local managers who are familiar with the home country of the IC and with its corporate culture, policies, and practices. B. involves human resources policies that are created at the regional level for the specific context in which the subsidiary operations operate. C. eliminates conflicts of loyalty between the host country and the employer. D. may confront the problem of having the best people pirated away by local firms or other IC subsidiaries.
Current assets and current liabilities are expected to be used up or come due within one year or the company's operating cycle whichever is longer.
Answer the following statement true (T) or false (F)